Entrepreneurship Development Fund, Open Data Association and YouControl join forces for systemic implementation of ESG standards in Ukraine

The Entrepreneurship Development Fund, a key state institution supporting small and medium-sized businesses in Ukraine, YouControl, a market leader in analytical solutions, and NGO “Open Data Association”, a leading expert civil society organization promoting and advocating for open data in Ukraine, have formalized their intention to deepen their partnership by signing a trilateral Memorandum of Cooperation. The partnership aims to strengthen transparency and introduce ESG standards into Ukraine’s business environment, promote sustainable development, reduce corruption risks and support the investment attractiveness of Ukrainian companies.

“For the Entrepreneurship Development Fund, it is fundamentally important that state support goes to responsible businesses that care not only about their financial performance but also about their impact on the environment and society. Introducing objective ESG assessment will allow us to allocate resources more efficiently, promote sustainable development and comply with international standards, which is critical for attracting investment in Ukraine’s recovery,” said Andrii Hapon, Chairman of the Board of the Entrepreneurship Development Fund.

Key areas of cooperation under the memorandum include:

• introducing YouControl’s “ESG Profile” module for rapid assessment of enterprises applying for state funding;
• joint educational events, trainings and seminars to promote ESG principles;
• expanding entrepreneurs’ access to open data and transparent analytics;
• raising the overall level of transparency of Ukraine’s business environment.

Danylo Hloba, Deputy Director of YouControl, noted: “Our goal is to turn complex and resource-intensive ESG analytics into a fast, clear and accessible digitalized process. This memorandum is an important step towards systemic cooperation that will allow us to jointly improve tools and promote the implementation of sustainable development standards in Ukraine.”

This cooperation has the potential to influence Ukraine’s position internationally. Systemic implementation of ESG assessments can facilitate the integration of Ukrainian companies into European financial markets, increase their investment attractiveness and help fulfil commitments under the green transition.

The memorandum will be valid for one year with the possibility of automatic extension, and the partnership is based on the principles of equality, openness and integrity.

“Open data and transparency are the foundation of trust in any field, especially when it comes to the allocation of public funds and the introduction of new standards such as ESG. Our NGO welcomes this cooperation, as it not only promotes ESG but also ensures that the assessment process is clear and accountable,” emphasized Nataliia Chornohub, Head of NGO “Open Data Association”.

[note] The signed memorandum is a strategic step and marks a new stage in building a transparent, responsible and competitive business environment in Ukraine, creating favorable conditions for attracting international investment and sustainable economic growth of the country.